Money laundering: know the rules

Anti-corruption body raises concerns as new regulations come into force

By Alex Capon and Laura Chesters

The art and antiques sector is a target for money launderers and the industry must be aware of new regulations, a leading anti-corruption group has said.

Rules enacted last month place a greater onus on auctioneers and dealers to carry out checks to ensure they are not party to risky practices.

The new regulations require firms to be registered as ‘High Value Dealers’ in order to accept more than €10,000 (currently £8800) in cash and make extra checks on clients when processing transactions.

Duncan Hames, director of policy at Transparency International UK, told ATG: “High-value art and antiques, like property, are an attractive market into which the proceeds of crime and corruption can be integrated.”

About Antiques Trade Gazette

Antiques Trade Gazette is the essential publication for everyone with a serious interest in art, antiques and collectables.
Every week it is packed with up-to-the-minute news on the market, with individual items beautifully illustrated throughout. Since 1971 it has been the most reliable source of information on what is really happening at auctions in the UK and around the world. Each issue is filled with auction advertisements and detailed auction reports written by expert journalists.
The Dealer’s Diary section keeps readers constantly updated on what is happening at the fairs and markets and in the galleries and shops.
Market professionals and serious collectors throughout the world rely on ATG to keep them informed on developments and issues which shape the art market. It is here that they learn about the prices achieved at auction in every area - from antiquities to pop memorabilia, from impressionist paintings to Chinese art. With 500 or more art objects pictured, every issue is a treat to the eye and a visual education.
Whatever the topic Antiques Trade Gazette is well-informed, up-to-date and entertaining.